HIVERCO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HIVERCO
Largest movements
- Current investments -€94,508
down €94,508 (-11.7%), from €808,782 to €714,273
- Reserves -€116,019
down €116,019 (-12.2%), from €949,602 to €833,583
- Financial income +€122,593
up €122,593 (+4248.2%), from €2,886 to €125,478
- Financial charges +€45,829
up €45,829 (+3726.1%), from €1,230 to €47,059
- Taxes +€33,199
up €33,199 (+65.9%), from €50,343 to €83,542
- Gross operating margin +€32,343
up €32,343 (+18.1%), from €178,785 to €211,127
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €967,922 | €860,411 | -€107,511 | -11.1% |
| Fixed assets | 21/28 | €30,499 | €23,485 | -€7,014 | -23.0% |
| Tangible fixed assets | 22/27 | €30,499 | €23,485 | -€7,014 | -23.0% |
| Plant, machinery and equipment | 23 | €3,551 | €5,278 | +€1,728 | +48.7% |
| Furniture and vehicles | 24 | €26,949 | €18,207 | -€8,742 | -32.4% |
| Current assets | 29/58 | €937,423 | €836,926 | -€100,497 | -10.7% |
| Amounts receivable within one year | 40/41 | €4,128 | €1,428 | -€2,700 | -65.4% |
| Other amounts receivable | 41 | €4,128 | €1,428 | -€2,700 | -65.4% |
| Current investments | 50/53 | €808,782 | €714,273 | -€94,508 | -11.7% |
| Cash at bank and in hand | 54/58 | €115,776 | €112,000 | -€3,777 | -3.3% |
| Deferred charges and accrued income | 490/1 | €8,738 | €9,225 | +€487 | +5.6% |
| Total equity and liabilities | 10/49 | €967,922 | €860,411 | -€107,511 | -11.1% |
| Equity | 10/15 | €962,002 | €845,983 | -€116,019 | -12.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €949,602 | €833,583 | -€116,019 | -12.2% |
| Distributable reserves | 133 | €949,602 | €833,583 | -€116,019 | -12.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €5,920 | €14,428 | +€8,508 | +143.7% |
| Amounts payable within one year | 42/48 | €5,920 | €14,428 | +€8,508 | +143.7% |
| Trade debts | 44 | €416 | €2,073 | +€1,657 | +398.3% |
| Suppliers | 440/4 | €416 | €2,073 | +€1,657 | +398.3% |
| Taxes, remuneration and social security | 45 | €5,504 | €12,355 | +€6,851 | +124.5% |
| Taxes | 450/3 | €5,504 | €12,355 | +€6,851 | +124.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,201 | €10,482 | +€281 | +2.8% |
| Other operating charges | 640/8 | €1,635 | €1,542 | -€93 | -5.7% |
| Gross operating margin | 9900 | €178,785 | €211,127 | +€32,343 | +18.1% |
| Operating profit (loss) | 9901 | €166,949 | €199,103 | +€32,154 | +19.3% |
| Financial income | 75/76B | €2,886 | €125,478 | +€122,593 | +4248.2% |
| Recurring financial income | 75 | €2,886 | €125,478 | +€122,593 | +4248.2% |
| Financial charges | 65/66B | €1,230 | €47,059 | +€45,829 | +3726.1% |
| Recurring financial charges | 65 | €1,230 | €47,059 | +€45,829 | +3726.1% |
| Profit (loss) for the period before taxes | 9903 | €168,605 | €277,522 | +€108,918 | +64.6% |
| Income taxes | 67/77 | €50,343 | €83,542 | +€33,199 | +65.9% |
| Profit (loss) for the period | 9904 | €118,262 | €193,981 | +€75,719 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,262 | €193,981 | +€75,719 | +64.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.